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The Foreign Trade Policy 2015-20 had multiple extensions till 31 March 2023, owing to the COVID-19 pandemic and the unstable geo-political situation. The new Foreign Trade Policy 2023 (FTP 2023) which was released on 31 March 2023 aims to ensure policy continuity and subsequent revisions will be made, as necessary, without linkage to any specific date.
Whereas the present FTP schemes have essentially been continued as they are, FTP 2023 focuses on shifting from incentives to tax remission, improving trade facilitation through technology, automation and process re-engineering, greater emphasis on export promotion through collaboration between exporters, states, and districts, and focus on emerging areas such as e-commerce exports, developing districts as export hubs, and streamlining the Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) policy. The Directorate General of Foreign Trade (DGFT) will be continuously seeking feedback from trade and industry to streamline processes and update policies and procedures.
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